UK government has signed up to a World Economic Forum (WEF) initiative to fight cyber-crime and aid the growth of e-commerce.

Over 70 companies and governments, spanning 25 countries have now joined the Cyber Resilience initiative. It plans to “promote awareness, understanding and action” to combat cyber risk across the globe.

Foreign secretary William Hague, who inked the treaty on behalf of the coalition government, said: “Cyberspace must be secure and reliable so that it is trusted as a medium for doing business but at the same time free and open to evolve and innovate naturally. Governments should support the key role of the private sector in creating a trusted and open place to do business both at home and abroad.”